228,400 Shares of International Paper Company $IP Purchased by Cherokee Insurance Co

Cherokee Insurance Co purchased a new stake in International Paper Company (NYSE:IP) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 228,400 shares of the basic materials company’s stock, valued at approximately $7,576,000. International Paper makes up 2.7% of Cherokee Insurance Co’s holdings, making the stock its 9th biggest holding.

A number of other hedge funds have also recently added to or reduced their stakes in IP. BlackRock Inc. acquired a new stake in International Paper in the second quarter valued at approximately $1,940,896,000. Bank of New York Mellon Corp bought a new stake in International Paper in the second quarter worth approximately $689,498,000. Atlas FRM LLC acquired a new position in shares of International Paper during the 2nd quarter worth $374,904,000. Hill City Capital LP acquired a new position in shares of International Paper during the 2nd quarter worth $194,310,000. Finally, Bank of America Corp DE acquired a new position in shares of International Paper during the 2nd quarter worth $142,802,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Trading Down 1.3%

NYSE:IP opened at $34.67 on Thursday. The company’s 50 day moving average is $34.22 and its 200-day moving average is $37.13. The company has a quick ratio of 0.75, a current ratio of 0.99 and a debt-to-equity ratio of 0.57. International Paper Company has a 12 month low of $29.26 and a 12 month high of $50.25. The firm has a market cap of $18.36 billion, a price-to-earnings ratio of -5.28, a P/E/G ratio of 5.15 and a beta of 0.97.

International Paper (NYSE:IP) last posted its quarterly earnings data on Wednesday, October 28th. The basic materials company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.08. International Paper had a negative net margin of 14.32% and a positive return on equity of 1.77%. The business had revenue of $6.20 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same period in the prior year, the firm earned ($0.43) EPS. International Paper’s quarterly revenue was down .4% compared to the same quarter last year. Equities analysts anticipate that International Paper Company will post 1.14 EPS for the current year.

International Paper Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 16th will be issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Monday, November 16th. International Paper’s dividend payout ratio is -28.20%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on IP. Seaport Research Partners restated a “buy” rating and set a $46.00 price target on shares of International Paper in a report on Wednesday, August 12th. Wells Fargo & Company decreased their price objective on shares of International Paper from $46.00 to $42.00 and set an “overweight” rating for the company in a report on Wednesday, October 7th. Truist Financial reissued a “buy” rating and set a $39.00 target price (down from $41.00) on shares of International Paper in a research report on Thursday, October 29th. Loop Capital set a $61.00 price target on International Paper in a research report on Tuesday, July 28th. Finally, Wall Street Zen raised International Paper from a “sell” rating to a “hold” rating in a research report on Saturday, November 7th. Ten investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, International Paper presently has an average rating of “Moderate Buy” and a consensus price target of $45.44.

International Paper Company Profile

International Paper is a global producer of fiber-based packaging and pulp products. Its packaging offerings include containerboard and corrugated packaging used to protect and transport goods, while its pulp products serve a range of consumer and industrial applications. The company traces its origins to 1898, when several U.S. paper manufacturers combined to form International Paper. Over time, it has evolved through acquisitions and changes to its business, with a focus on renewable, fiber-based materials and packaging solutions.